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AU Optronics Corp. Reports 1Q2013 Financial Results

HSINCHU, Taiwan, April 30, 2013 /PRNewswire/ -- AU Optronics Corp. ("AUO" or the "Company") (TAIEX: 2409; NYSE: AUO) today held its investors conference and announced its unaudited earnings results for the first quarter of 2013 (1).

Consolidated revenue in the first quarter of 2013 was NT$94,244 million ( US$3,161 million) (2), down 5.2% from the previous quarter. Gross profit was NT$4,548 million ( US$153 million), with the gross margin of 4.8%. Operating loss was NT$1,361 million ( US$46 million), with the operating margin of -1.4%. AUO's net loss for the first quarter of 2013 was NT$3,320 million ( US$111 million). Net loss attributable to owners of Company was NT$3,173 million ( US$106 million), or a basic EPS of - NT$0. 36 (- US$0.12 per ADR).

1Q2013 Result Highlights

AUO's unaudited consolidated results for the first quarter of 2013 were highlighted as below:

Revenue was NT$94,244 million, down 5.2% quarter-over-quarter

Net loss was NT$3,320 million

Basic EPS was - NT$0. 36

Gross margin was 4.8%

Operating margin was -1.4%

EBITDA (3) margin was 16.3%

In the first quarter of 2013, shipments for AUO's large-sized panel shipments reached around 27.0 million units, down by 13% quarter-over-quarter. Shipments for small and medium-sized panels were around 30.7 million units, down 18.5% quarter-over-quarter.

Looking back to the first quarter, AUO's display segment dispelled the gloom and turned profitable at the operating level despite the traditional slow season. On the back of product mix improvement and yield enhancement, for the display segment, the company reported positive operating margin with EBITDA margin increased to 17.5%. AUO not only had critical breakthroughs on the yield of tablet panels and also had at least doubled its tablet panel shipments sequentially. Also, the Company's UHD 4K TV panels have been well recognized by the leading international brands and mass production has smoothly commenced in the first quarter. On the other hand, for the solar segment, the market and product differentiation that gradually evolved has helped to boost the demand and price of the high-efficiency products. In addition, with the Company's constant efforts to work down the operating expenses, its loss for the solar segment has further improved.